ENRA Group Berhad Annual Report 2018

87 A N N U A L R E P O R T 2 0 1 8 NOTES TO THE FINANCIAL STATEMENTS 31 March 2018 cont’d 12. TRADE AND OTHER RECEIVABLES (Cont’d) (e) Included in the trade receivables are amounts to be set off against with the purchasers of the investment properties of approximately RM3,000,000 as disclosed in Note 44(e) to the financial statements. (f) Information on financial risks of trade and other receivables is disclosed in Note 42 to the financial statements. 13. AMOUNTS DUE FROM CUSTOMERS ON CONTRACTS Group 2018 2017 RM’000 RM’000 Costs incurred to date 28,217 16,104 Attributable profit 7,155 2,706 35,372 18,810 Progress billings (29,395) (9,906) Amounts due from customers on contracts (Note 12) 5,977 8,904 14. DERIVATIVE ASSETS 2018 2017 Contract/ Notional amount Fair value of derivatives Contract/ Notional amount Fair value of derivatives RM’000 RM’000 RM’000 RM’000 Group/Company Current Forward foreign currency selling contracts 44,562 111 11,127 73 The Company uses forward foreign currency selling contracts to manage some of the foreign currency transaction exposure. These contracts are not designated as cash flow or fair value hedges and are entered into for period consistent with foreign currency transaction exposure and fair value changes exposure. The Company does not apply hedge accounting. Forward foreign currency selling contracts are used to hedge the Company’s advance to a subsidiary denominated in British Pound for which firm commitments existed at the reporting date. As disclosed in Note 31 to the financial statements, the Group and the Company recognised a gain of RM38,000 (2017: RM73,000) arising from the fair value changes in derivatives. The fair value changes are mark to market of the outstanding foreign exchange forward. The methods and assumptions applied in determining the fair values of derivatives are disclosed in Note 41(d)(v) to the financial statements.